Market Overview:
Microinverters are witnessing a surge in demand due to the growing awareness about the benefits of solar energy. The global microinverter market is expected to grow at a CAGR of 16.5% during the forecast period 2018-2030. The market growth can be attributed to factors such as increasing demand for solar energy, rising concerns about climate change, and government initiatives and subsidies for promoting renewable energy sources. The global microinverter market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into standalone and on-grid microinverters. On-grid microinverters are further sub-segmented into residential on-grid inverters and commercial on-grid inverters. By application, the market is divided into residential, commercial, and utility applications.
Product Definition:
A microinverter is a small device that converts direct current (DC) from a solar panel into alternating current (AC). It is important for two reasons: 1) it allows each solar panel to operate independently, maximizing the power output of the array and 2) it protects the panels from shading.
Standalone:
Microinverter is standalone device that works without any other power source. It can be directly connected to battery or it can get its power from AC supply too. Microinverter has ability to convert DC electricity into microwaves and vice versa, so it's a kind of transformer.
Standalone devices are used in solar systems mainly because they provide better performance than conventional systems; for example, if you have group of solar panels that produce 5V.
On-grid:
On-grid systems are the power supply systems that operate with direct electric connection to the main grid. These types of power supply systems do not require additional battery storage system and can provide electricity directly to consumers. On-grid microinverter based system is a type of off-grid solar energy system which uses renewable energy sources for providing electricity in rural electrification schemes, remote areas, or areas without grid connectivity.
Application Insights:
Microinverters find application in residential, commercial and utility sectors. The utility sector dominated the global market in terms of revenue as well as volume in 2017. This is attributed to growing demand for solar energy across various regions, such as Asia Pacific and Middle East & Africa. In addition, governments are investing heavily in promoting renewable sources of energy owing to benefits offered by them regarding environment protection and cost savings resulting from using renewable sources of energy.
The commercial segment is expected to witness significant growth over the forecast period owing to increasing deployment of microinverters across hospitals, hotels/restaurants and corporate offices among others which require large scale solar power systems with flexible requirements for daily power demands along with stable grid connections that enable usage outside regular hours when sunlight is inadequate or inaccessible.
Regional Analysis:
Asia Pacific regional market accounted for the largest share in 2017 and is expected to continue its dominance over the forecast period. The region has been witnessing rapid urbanization, which has led to an increased demand for solar energy. Countries such as China and India are among the top 10 countries with respect to population, thereby increasing electricity consumption.
The Middle East & Africa (MEA) microinverter market is anticipated to grow at a significant rate over the forecast period owing to several factors such as high solar irradiance, growing adoption of renewable energy sources in MEA countries, and supportive government policies aimed at reducing fossil fuel-based electricity generation systems in these regions.
North America was one of the prominent markets for microinverters with a revenue share of around 25% in 2017 owing both large installed base as well as favorable regulatory support that have contributed significantly toward industry growth since 2010s across U.S., Canada, Mexico).
Growth Factors:
- Increasing demand for solar energy: The global consumption of solar energy is increasing rapidly due to the growing awareness about the benefits of renewable energy sources and concerns about climate change. This is driving the demand for microinverters as well, as they offer an efficient way to harness solar power.
- Falling prices of solar panels: The prices of solar panels are falling rapidly, making them more affordable for consumers and businesses. This is benefiting the microinverter market as well, as more people are investing in rooftop solar systems that use microinverters.
- Rising electricity costs: Electricity rates are rising around the world, making it increasingly expensive to rely on traditional grid-based power sources. Solar power offers a cost-effective alternative, and microinverters make it easier and more efficient to install rooftop PV systems that generate electricity from the sun’s rays.
Scope Of The Report
Report Attributes
Report Details
Report Title
Microinverter Market Research Report
By Type
Standalone, On-grid
By Application
Residential, Commercial, Utility
By Companies
SolarEdge Technologies, Enphase Energy, Tigo Energy, Altenergy Power System, SunPower Corporation, Ampt, Delta Energy Systems, KACO New Energy, Array Power, Solantro, Alencon Systems, i-Energy Co, Chilicon Power, Petra Systems, Sparq Systems
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
240
Number of Tables & Figures
168
Customization Available
Yes, the report can be customized as per your need.
Global Microinverter Market Report Segments:
The global Microinverter market is segmented on the basis of:
Types
Standalone, On-grid
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Residential, Commercial, Utility
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- SolarEdge Technologies
- Enphase Energy
- Tigo Energy
- Altenergy Power System
- SunPower Corporation
- Ampt
- Delta Energy Systems
- KACO New Energy
- Array Power
- Solantro
- Alencon Systems
- i-Energy Co
- Chilicon Power
- Petra Systems
- Sparq Systems
Highlights of The Microinverter Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Standalone
- On-grid
- By Application:
- Residential
- Commercial
- Utility
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Microinverter Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A microinverter is a small, lightweight device that helps to convert solar energy into usable electricity. They are typically installed on roofs or in windows to help homeowners and businesses reduce their reliance on traditional sources of energy.
Some of the major companies in the microinverter market are SolarEdge Technologies, Enphase Energy, Tigo Energy, Altenergy Power System, SunPower Corporation, Ampt, Delta Energy Systems, KACO New Energy, Array Power, Solantro, Alencon Systems, i-Energy Co, Chilicon Power, Petra Systems, Sparq Systems.
The microinverter market is expected to register a CAGR of 16.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Microinverter Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Microinverter Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Microinverter Market - Supply Chain
4.5. Global Microinverter Market Forecast
4.5.1. Microinverter Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Microinverter Market Size (000 Units) and Y-o-Y Growth
4.5.3. Microinverter Market Absolute $ Opportunity
5. Global Microinverter Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Microinverter Market Size and Volume Forecast by Type
5.3.1. Standalone
5.3.2. On-grid
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Microinverter Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Microinverter Market Size and Volume Forecast by Application
6.3.1. Residential
6.3.2. Commercial
6.3.3. Utility
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Microinverter Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Microinverter Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Microinverter Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Microinverter Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Microinverter Demand Share Forecast, 2019-2026
9. North America Microinverter Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Microinverter Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Microinverter Market Size and Volume Forecast by Application
9.4.1. Residential
9.4.2. Commercial
9.4.3. Utility
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Microinverter Market Size and Volume Forecast by Type
9.7.1. Standalone
9.7.2. On-grid
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Microinverter Demand Share Forecast, 2019-2026
10. Latin America Microinverter Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Microinverter Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Microinverter Market Size and Volume Forecast by Application
10.4.1. Residential
10.4.2. Commercial
10.4.3. Utility
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Microinverter Market Size and Volume Forecast by Type
10.7.1. Standalone
10.7.2. On-grid
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Microinverter Demand Share Forecast, 2019-2026
11. Europe Microinverter Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Microinverter Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Microinverter Market Size and Volume Forecast by Application
11.4.1. Residential
11.4.2. Commercial
11.4.3. Utility
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Microinverter Market Size and Volume Forecast by Type
11.7.1. Standalone
11.7.2. On-grid
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Prodct Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Microinverter Demand Share, 2019-2026
12. Asia Pacific Microinverter Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Microinverter Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Microinverter Market Size and Volume Forecast by Application
12.4.1. Residential
12.4.2. Commercial
12.4.3. Utility
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Microinverter Market Size and Volume Forecast by Type
12.7.1. Standalone
12.7.2. On-grid
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Microinverter Demand Share, 2019-2026
13. Middle East & Africa Microinverter Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Microinverter Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Microinverter Market Size and Volume Forecast by Application
13.4.1. Residential
13.4.2. Commercial
13.4.3. Utility
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Microinverter Market Size and Volume Forecast by Type
13.7.1. Standalone
13.7.2. On-grid
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Microinverter Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Microinverter Market: Market Share Analysis
14.2. Microinverter Distributors and Customers
14.3. Microinverter Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. SolarEdge Technologies
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Enphase Energy
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Tigo Energy
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Altenergy Power System
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. SunPower Corporation
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Ampt
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Delta Energy Systems
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. KACO New Energy
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Array Power
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. Solantro
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. Alencon Systems
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. i-Energy Co
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. Chilicon Power
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. Petra Systems
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. Sparq Systems
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
